New Delhi, Business Desk. The Insurance Regulatory and Development Authority of India (IRDAI) has invited suggestions from people for the naming of three insurance products. The regulator also said that those who approve the suggested name will be given an amount of Rs 10 thousand each and a certificate from the chairman of IRDAI. This means that if IRDAI approves one of the names you have suggested, you can win Rs 10,000 sitting at home. If the two names suggested by you are approved then you can get Rs 20,000. At the same time, if the name you send is selected for all three products, you can get Rs 30,000. 

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Name for which policies can be sent

IRDAI has released a public notice on its website stating that three standard products are proposed in the ‘Standard Fire and Special Perils (Standard Fire and Special Disaster)’ category based on the recommendations of a working group. 

These include policies covering housing, micro-commercial units and policies covering small commercial units. You can send your entry for these products to nl-products@irdai.gov.in by 10 July 2020.



Easy and relevant names to be suggested

IRDAI has clearly stated in the notice that while suggesting names, it should be noted that the product name should be easy, relevant and easy to remember. Also, that name can be used throughout the country. This notice states that the name should be such that the product is known. 

 

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